olivLaw · US equity research
Interparfums, Inc. IPAR
Perfumes, Cosmetics & Other Toilet Preparations · SIC 2844 · Vertical: Perfumes, Cosmetics & Other Toilet Preparations (SIC 2844)
Interparfums, Inc. develops and distributes prestige fragrances, operating almost entirely through licenses with brand owners and without owning manufacturing plants. In 2026 the company is strengthening its portfolio with new licenses and launches, while US sales have been hit by shipment delays and Middle East tensions, against net sales of 1488.5 million USD in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Interparfums, Inc. (IPAR) stock was 123.57 USD (+5.53% on the day), with market capitalisation 4.0 bn USD, P/E 23.3 on diluted EPS of 5.31 USD over the last 12 months, dividend yield 2.59%, beta 0.70, 52-week range 79.57–128.55 USD. Latest reported quarter (Q3 2026): revenue of 429.5 m USD (−0.0% YoY), net income of 68.2 m USD (+3.6% YoY), diluted EPS 2.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.4
- strong (55–70)
- Bollinger (20, 2)
- 110.20 – 120.58
- above the upper band · %B 1.29 · band width 9.0%
- SMA 50 / 200
- 114.72 / 104.97
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.31 / 0.55
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.6% | −1.1% | +9.7 pp | — |
| 3 months | +0.2% | −0.5% | +0.6 pp | — |
| 6 months | +30.3% | +4.4% | +25.9 pp | — |
| Year to date | +45.7% | +12.3% | +33.4 pp | — |
| 1 year | +37.9% | +13.5% | +24.4 pp | +4.5% |
| 3 years | −4.9% | +76.4% | −81.3 pp | −14.8% |
| 5 years | +30.0% | +63.7% | −33.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 361.5 m | 338.8 m | 333.9 m | 429.6 m | 386.2 m | 344.9 m | 341.0 m | 429.5 m |
| Cost of revenue | 128.5 m | 122.8 m | 112.8 m | 156.8 m | 148.8 m | 120.2 m | 117.5 m | 141.3 m |
| Gross profit | 233.0 m | 216.0 m | 221.1 m | 272.8 m | 237.3 m | 224.6 m | 223.5 m | 288.2 m |
| SG&A | 193.0 m | 140.9 m | 161.9 m | 164.3 m | 209.8 m | 150.5 m | 174.6 m | 170.3 m |
| Operating income | 36.0 m | 75.1 m | 59.2 m | 108.6 m | 27.5 m | 74.1 m | 48.9 m | 117.9 m |
| Depreciation & amortisation | 10.2 m | 5.9 m | 6.4 m | 6.5 m | 6.5 m | 5.8 m | 5.8 m | 6.1 m |
| Interest expense | 2.1 m | 1.5 m | 1.8 m | 2.3 m | 1.6 m | 1.4 m | 1.5 m | 1.6 m |
| Pre-tax income | 36.7 m | 73.4 m | 54.1 m | 107.6 m | 36.2 m | 75.2 m | 48.2 m | 117.5 m |
| Income tax | 10.0 m | 18.0 m | 12.9 m | 24.3 m | 8.0 m | 18.5 m | 11.4 m | 29.3 m |
| Net income | 24.2 m | 42.5 m | 32.0 m | 65.8 m | 28.1 m | 43.4 m | 30.5 m | 68.2 m |
| Diluted EPS | 0.76 ≈ | 1.32 | 0.99 | 2.05 | 0.88 ≈ | 1.35 | 0.95 | 2.13 |
| Operating cash flow | 138.0 m | -7.4 m | 11.9 m ≈ | 63.9 m ≈ | 146.5 m | 85.0 k | 45.6 m ≈ | 56.7 m ≈ |
| Capex | 1.9 m | 1.4 m | 15.2 m ≈ | 6.2 m ≈ | 1.5 m | 1.4 m | 1.0 m ≈ | 1.5 m ≈ |
| Dividends paid | 24.0 m | 25.7 m | 25.7 m ≈ | 25.7 m ≈ | 25.6 m | 25.6 m | 25.6 m ≈ | 25.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 40-quarter history (min 16.2, median 32.1, max 70.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 675.6 m | 713.5 m | 539.0 m | 879.5 m | 1.1 bn | 1.3 bn | 1.5 bn | 1.5 bn |
| Revenue YoY | +14.3% | +5.6% | −24.5% | +63.2% | +23.6% | +21.3% | +10.2% | +2.5% |
| Net income | 53.8 m | 60.2 m | 38.2 m | 87.4 m | 120.9 m | 152.7 m | 164.4 m | 168.4 m |
| Net income YoY | +29.3% | +12.0% | −36.6% | +128.7% | +38.4% | +26.2% | +7.7% | +2.5% |
| Diluted EPS | 1.71 | 1.90 | 1.21 | 2.75 | 3.78 | 4.75 | 5.12 | 5.24 |
| Diluted EPS YoY | +28.6% | +11.1% | −36.3% | +127.3% | +37.5% | +25.7% | +7.8% | +2.3% |
| net % | 8.0% | 8.4% | 7.1% | 9.9% | 11.1% | 11.6% | 11.3% | 11.3% |
| Free cash flow | 59.1 m | 71.0 m | 54.0 m | -21.7 m | 39.3 m | 99.3 m | 182.9 m | 190.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 130.7 m USD
- Net debt
- unavailable USD
- Equity
- 1.1 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.12x
- Current ratio
- 2.99x
- ROE
- 16.5%
- ROA
- 11.2%
- FCF margin
- 12.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 539.0 m | 879.5 m | 1.1 bn | 1.3 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 208.3 m | 322.6 m | 392.2 m | 478.6 m | 525.0 m | 541.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 330.7 m | 556.9 m | 694.4 m | 839.1 m | 927.3 m | 947.2 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 260.6 m | 406.5 m | 492.4 m | 587.7 m | 648.5 m | 676.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | 70.1 m | 148.1 m | 194.3 m | 251.4 m | 274.8 m | 270.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 9.1 m | 12.7 m | 22.5 m | 17.3 m | 28.4 m | 25.3 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | 79.2 m ≈ | 160.7 m ≈ | 216.8 m ≈ | 268.7 m ≈ | 303.2 m ≈ | 295.6 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 2.0 m | 2.8 m | 3.6 m | 11.3 m | 7.8 m | 7.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | 69.3 m | 151.0 m | 194.2 m | 249.6 m | 268.4 m | 271.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | 19.4 m | 41.0 m | 43.2 m | 61.8 m | 65.0 m | 63.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Net income | 38.2 m | 87.4 m | 120.9 m | 152.7 m | 164.4 m | 168.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | 1.21 | 2.75 | 3.78 | 4.75 | 5.12 | 5.24 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 31.7 m | 31.8 m | 32.0 m | 32.1 m | 32.1 m | 32.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividend per share | 0.33 | 1.00 | 2.00 | 2.50 | 3.00 | 3.20 | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 169.7 m | 159.6 bn | 104.7 m | — | — | — | SEC (XBRL)· 08 Aug 2023verified |
| Receivables | 124.1 m | 159.3 m | 197.6 m | 247.2 m | 274.7 m | 320.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 158.8 m | 198.9 m | 290.0 m | 371.9 m | 371.9 m | 351.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 600.7 m | 709.7 m | 787.7 m | 839.0 m | 926.4 m | 1.0 bn | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 19.6 m | 149.4 m | 166.7 m | 169.2 m | 153.8 m | 184.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 214.1 m | 214.0 m | 290.9 m | 296.4 m | 282.5 m | 325.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 890.1 m | 1.1 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 35.6 m | 82.0 m | 88.4 m | 97.4 m | 91.0 m | 77.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 14.6 m | 15.9 m | 28.5 m | 4.4 m | 8.3 m | 9.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 10.1 m | 132.9 m | 151.5 m | 127.9 m | 115.7 m | 121.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 156.2 m | 244.9 m | 344.6 m | 324.7 m | 332.4 m | 344.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | — | — | — | — | — | 481.2 m | SEC (XBRL)· 04 Aug 2026verified |
| Equity | 702.5 m | 738.3 m | 788.1 m | 892.2 m | 942.6 m | 1.1 bn | SEC (XBRL)· 10 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 65.0 m | 119.6 m | 73.0 m | 105.8 m | 187.6 m | 214.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 11.0 m | 141.3 m | 33.8 m | 6.5 m | 4.7 m | 24.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | 54.0 m ≈ | -21.7 m ≈ | 39.3 m ≈ | 99.3 m ≈ | 182.9 m ≈ | 190.5 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -22.3 m | -187.9 m | -90.6 m | 7.3 m | -44.8 m | -61.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -18.6 m | 78.2 m | -45.6 m | -133.2 m | -100.8 m | -131.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividends paid | 20.8 m | 31.7 m | 63.7 m | 80.0 m | 96.0 m | 102.7 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation58
- Returns62
- Quality90
- Balance sheet100
- Growth84
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.05 – 95.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E66.77 – 95.42 (Mid 78.16)4 companies used · median multiple 14.7x · quartiles 12.6x – 18.0xAXIL, KVUE, ODD, UG
- Dividend discount (DDM)42.05 – 56.55 (Mid 48.24)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.3% | 80 (vs peers) | 9% |
| FCF conversion · Quality | 143.1% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 11.1% | 92 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 11.5% | 77 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 44.3x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 23.3x | 43 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.2% | 77 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 2.6% | 37 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 42.1% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth84/100 · 2/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation58/100 · 2/3 factors with a value
Memo
INTERPARFUMS, INC. (IPAR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.5 bn USD in 2025; YoY growth 2.5%; net margin 11.3%; ROE 19.5%.
The estimated value range is 54.41–75.99 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 63.20 USD, the price of 123.57 USD leaves a potential of -48.9% (value / price − 1) and a margin of safety of -95.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.3%
- FCF conversion: 143.1%
- Revenue CAGR 3Y: 11.1%
- EPS CAGR 3Y: 11.5%
- Interest coverage: 44.3x
- Current ratio: 3.3x
- FCF yield: 6.2%
- Payout ratio (FCF): 42.1%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Perfumes, Cosmetics & Other Toilet Preparations (SIC 2844) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLColgate-Palmolive Company | 78.5 bn | 38.7 | 358.9% | 9.6% | +1.4% | +23% / +25% |
| KVUEKenvue Inc. | 37.1 bn | 21.9 | 16.3% | 10.9% | −2.1% | +34% / +4% |
| ELFe.l.f. Beauty, Inc. | 6.7 bn | 113.6 | 6.0% | 3.4% | +24.6% | +49% / −4% |
| IPARInterparfums, Inc. | 4.0 bn | 23.3 | 19.5% | 11.3% | +2.5% | +38% / −5% |
| COTYCoty Inc. | 3.1 bn | — | -18.5% | -10.4% | −1.5% | +5% / −70% |
| EPCEdgewell Personal Care Company | 1.4 bn | — | -6.2% | -4.2% | −1.3% | +66% / −15% |
| SLSNSolesence, Inc. | 64.6 m | — | -15.1% | -3.8% | +18.6% | −60% / +22% |
| AXILAxil Brands, Inc. | 38.2 m | 16.7 | 23.3% | 9.3% | +17.5% | +10% / unavailable |
| UGUnited-Guardian, Inc. | 31.5 m | 12.8 | 21.4% | 22.0% | −13.4% | +18% / −16% |
| CABRCaring Brands, Inc. | 9.3 m | — | -3,889.1% | -183,298.7% | unavailable | −13% / unavailable |
| BNKKBonk, Inc. | 9.3 m | — | -332.4% | -2,330.4% | +201.6% | −82% / −99% |
| YCBDcbdMD, Inc. | 4.5 m | — | -40.3% | -13.8% | −1.5% | −34% / −93% |
| HLNHaleon plc | — | — | 10.2% | 15.1% | −1.8% | −6% / +8% |
| ODDOddity Tech Ltd | — | 12.0 | 32.6% | 13.7% | +25.2% | −50% / −37% |
| ELEstee Lauder Companies Inc | — | 111.7 | 9.3% | 2.4% | +5.0% | +19% / −12% |
| YSGYatsen Holding Limited | — | — | -2.7% | -1.9% | +32.2% | −67% / −49% |
1- and 3-year price returns: for IPAR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 77.95 Total return -35% · Per year -35% | 137.41 Total return 14% · Per year 14% | 206.42 Total return 71% · Per year 71% |
| 3 years | 85.96 Total return -24% · Per year -9% | 169.48 Total return 47% · Per year 14% | 278.03 Total return 137% · Per year 33% |
| 5 years | 94.78 Total return -11% · Per year -2% | 209.03 Total return 87% · Per year 13% | 374.49 Total return 227% · Per year 27% |
- Exit P/E± 42.37
- Net margin± 29.66
- Annual revenue growth± 22.91
- Annual dilution± 2.49
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Interparfums, Inc. develops and distributes prestige fragrances, operating almost entirely through licenses with brand owners and without owning manufacturing plants. In 2026 the company is strengthening its portfolio with new licenses and launches, while US sales have been hit by shipment delays and Middle East tensions, against net sales of 1488.5 million USD in fiscal 2025 1.
SWOT
Strengths
- Diversified portfolio of luxury brands, with strong growth in key lines such as Coach and Montblanc, which reduces dependence on a single brand.
- Business model that is not capital intensive, without owned factories, allowing flexibility and low fixed costs.
- Global reach, with distribution in over 120 countries and a diversified network of distributors.
Weaknesses
- Dependence on third-party licenses for almost all brands, so the loss of one license has a major impact.
- Concentration of sales on a few brands and one major retail customer, which increases vulnerability to demand shifts.
- Exposure to currency risk, since sales and costs are in different currencies.
Opportunities
- The launch of the own brand Solférino and expansion into selected stores could open a segment with higher margins.
- New licenses for Nautica, David Beckham and Longchamp could bring long-term growth if launches succeed.
- Growing demand for niche fragrances and luxury products could support new launches.
Threats
- Geopolitical conflicts, such as the war in the Middle East, can reduce demand in important markets.
- Counterfeiting and unauthorised distribution can affect brand reputation and sales.
- Lower discretionary spending in economic downturns could reduce sales.
Risks
- Dependence on licenseshigh
Most brands are licensed from third parties, and expiry or renegotiation on less favourable terms could significantly affect results 1.
- Concentration on one major customermedium
A single retail chain accounts for a significant share of sales, and losing or reducing orders from it could affect turnover 1.
- Impairment of intangible assetsmedium
Brands and licenses are recorded as intangible assets, and lower cash flow estimates could lead to impairment and a significant accounting charge 1.
- Supply chain delaysmedium
Delays in shipping giftsets moved sales into the next quarter, and logistics problems could affect results in future quarters 3.
- Currency risklow
The difference between the currency of sales and that of costs exposes the company to exchange rate movements that can change reported results 2.
Investment thesis
What would need to be true (bull case)
- Diversification across many brands and two geographic segments can reduce the impact of a problem with a single brand or region.
- If the new licenses and 2027 launches succeed, the company could enter a phase of faster growth, in line with management's stated outlook 3.
- The model without owned factories may allow quick adaptation to changes in demand and low capital expenditure.
What would break the thesis
- Dependence on third-party licenses could mean that losing or renegotiating a major license sharply reduces revenue.
- US sales fell in the third quarter, and if this trend persists, growth could remain weak.
- Geopolitical and currency risks could continue to affect margins and sales, with their impact hard to predict in the short term.
What to watch
- Fourth-quarter results and the delayed shipment of giftsetsQ4 2026
- Performance of the Solférino launch and expansion into new stores2027
- How the impact of the Middle East conflict on sales evolvesnext 10-K
- First launch under the Longchamp license and start of the Nautica license2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Founded in 1982, the company manufactures, markets and distributes a wide range of prestige perfumes and related products, under its own brands and under licenses, through two segments: European operations, via subsidiary Interparfums SA, and United States operations 1. The model is not capital intensive, as the company does not own factories and works with component suppliers and third-party fillers 1. Sales depend on the continuation and renewal of licenses, and a small number of top brands make up most sales 1.
The strategy combines acquiring or licensing new brands with launching new products and supporting existing ones through advertising, merchandising and sampling 2. In January 2026 twenty-year licenses were signed for Nautica and David Beckham, and the GUESS license was extended to 2048, pointing to a focus on long-term portfolio expansion 1.
The company also has its own brand, Solférino, launched in 2025 as a collection of niche perfumes, and acquired the rights to the Goutal brand, used commercially from 2026 1. This reflects a gradual shift from a purely license-based model towards directly owned brands 1.
Segments
European operations
The European segment, run through Interparfums SA (72% owned), is the larger part of sales and includes brands such as Boucheron, Coach, Jimmy Choo, Montblanc, Lacoste and Longchamp, distributed in over 120 countries 1. In the first six months of 2026 this segment generated about 70% of sales 2.
United States operations
The US segment includes brands such as GUESS, Donna Karan/DKNY, Abercrombie & Fitch, Roberto Cavalli and Ferragamo, and was the one that slowed in the third quarter of 2026, due to delayed giftset shipments and supply chain problems 3.
Market context
The prestige fragrance market is characterised by sustained growth in the niche segment and frequent launches, but also by intense competition among distributors and dependence on licenses from major fashion houses 1. The company operates in over 120 countries, and its performance depends on the dollar/euro rate, since about half of European sales are in dollars while costs are in euro 2.
Consumer demand is sensitive to general economic conditions and discretionary income, which can lead to periods of sales decline in downturns 1. The 2026 trend shows moderate growth, while some regional markets are weaker 3.
Trends
- Expansion through new licensestailwind
Long-term licenses signed for Nautica, David Beckham and Longchamp, along with the GUESS extension, could support future growth if the brands succeed in the market 1.
- Growth of key brandstailwind
Coach and Montblanc grew strongly in 2026, supported by new fragrance lines, and these brands could remain the growth engine if launches continue 3.
- Middle East tensionsheadwind
The war in the Middle East reduced sales by about 3% in the second quarter of 2026, and this pressure could persist if instability continues 2.
- Currency swingsmixed
The dollar/euro rate strongly influences reported results, since European sales are largely in dollars and costs in euro; a more favourable dollar could support reported figures 2.
Competitive position
The prestige fragrance market is competitive, with many brand owners and distributors competing for the same licenses and shelf space in stores. The company differentiates itself through a diverse brand portfolio and the ability to launch new products quickly 1. Competition also plays out through distribution contracts, such as those for Abercrombie & Fitch and Fierce 1.
The risk of counterfeiting and unauthorised grey-market distribution can affect both sales and brand reputation, and competitors selling similar products could amplify this pressure 1.
- Estée Lauder CompaniesEL
Large luxury cosmetics and fragrance group, present in the same distribution channels; not named explicitly in the analysed sources, so the note is general.
- Coty Inc.COTY
Fragrance company with a portfolio of licensed luxury brands, competing for the same contracts; not named in the analysed sources.
- Puig
European fragrance and fashion group active in similar markets; listed in Spain, not in the US.
- Tapestry (Coach)TPR
Owner of the Coach brand, for which Interparfums holds the license; the relationship is both partner and competitor in the licensing space.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Nagyot nőtt szeptemberben a magyar ipar termeléseTelex English (HU) · 04 Nov 2026 · EN
- Lendületbe jött a magyar ipar, de van, ahol még nem bonthatnak pezsgőtIndex.hu English (HU) · 04 Nov 2026 · EN
- A nagy nyári szárazságban majdnem megállt a gazdaság, az ipar húzta a növekedéstTelex English (HU) · 30 Oct 2026 · EN
- Interparfums (IPAR) Extends Cavalli Fragrance Deal Through 2046. Can it Boost Profits?Yahoo Finance — News · 23 Sept 2026 · EN
SEC filings
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report20 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Sept 2026Other events · Financial statements and exhibits
- Current report17 Sept 2026Other events · Financial statements and exhibits
- Current report16 Sept 2026Shareholder vote · Other events · Financial statements and exhibits
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Proxy statement31 Jul 2026
- Current report22 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Interparfums, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Interparfums, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Interparfums, Inc. · 20 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.